Allegiant Travel Co. Files Q3 2024 10-Q

TL;DR

ALGT's Q3 2024 10-Q is in. Expect financial and operational updates.

AI Summary

Allegiant Travel Company (ALGT) filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024, detailing financial performance and operational updates. Key financial data and business segments are presented for the reporting period and comparative periods.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational details for Allegiant Travel, crucial for understanding the company's current performance and future outlook.

Risk Assessment

Risk Level: medium — 10-Q filings are standard for public companies, but the airline industry is subject to various economic and operational risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the financial reporting period.)
• 2024-07-01 — Q3 Start Date (Marks the beginning of the third quarter for 2024.)
• 2023-09-30 — Prior Year Q3 End Date (Provides a comparative point from the previous year's third quarter.)

Key Players & Entities

• Allegiant Travel CO (company) — Filer of the 10-Q
• September 30, 2024 (date) — End of the reporting period
• 2024 Q3 (period) — Specific quarter reported
• NV (location) — State of incorporation and business address
• 702-851-7300 (phone_number) — Company business phone

FAQ

Key Financial Figures

• $0.001 — ich registered Common stock, par value $0.001 ALGT NASDAQ Global Select Market Indi

Filing Documents

• algt-20240930.htm (10-Q) — 1288KB
• a101employmentagranderson.htm (EX-10.1) — 109KB
• a102employmentagrdeangelo.htm (EX-10.2) — 109KB
• a103separationagrdeangelo.htm (EX-10.3) — 67KB
• a3112024q3rule13a-14a15dx1.htm (EX-31.1) — 10KB
• a3122024q3rule13a-14a15dx1.htm (EX-31.2) — 10KB
• a322024q3section135certifi.htm (EX-32) — 7KB
• algt-20240930_g1.jpg (GRAPHIC) — 82KB
• 0001362468-24-000061.txt ( ) — 6705KB
• algt-20240930.xsd (EX-101.SCH) — 35KB
• algt-20240930_cal.xml (EX-101.CAL) — 60KB
• algt-20240930_def.xml (EX-101.DEF) — 116KB
• algt-20240930_lab.xml (EX-101.LAB) — 455KB
• algt-20240930_pre.xml (EX-101.PRE) — 297KB
• algt-20240930_htm.xml (XML) — 1120KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Consolidated Financial Statements

ITEM 1. Consolidated Financial Statements 3

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 29

Controls and Procedures

ITEM 4. Controls and Procedures 29

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 30

Risk Factors

ITEM 1A. Risk Factors 30

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 30

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 30

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 30

Other Information

ITEM 5. Other Information 30

Exhibits

ITEM 6. Exhibits 31

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Consolidated Financial Statements

Item 1. Consolidated Financial Statements ALLEGIANT TRAVEL COMPANY CONSOLIDATED BALANCE SHEETS (in thousands) September 30, 2024 December 31, 2023 (unaudited) CURRENT ASSETS Cash and cash equivalents $ 265,874 $ 143,259 Restricted cash 25,015 16,325 Short-term investments 493,393 671,414 Accounts receivable 62,324 70,743 Expendable parts, supplies and fuel, net 35,645 36,335 Prepaid expenses and other current assets 48,365 63,054 TOTAL CURRENT ASSETS 930,616 1,001,130 Property and equipment, net 3,448,723 3,430,103 Long-term investments 45,290 56,004 Deferred major maintenance, net 173,440 170,032 Operating lease right-of-use assets, net 86,629 100,707 Deposits and other assets 103,554 98,691 TOTAL ASSETS: $ 4,788,252 $ 4,856,667 CURRENT LIABILITIES Accounts payable 55,296 54,484 Accrued liabilities 297,849 292,335 Current operating lease liabilities 22,023 20,873 Air traffic liability 397,000 353,488 Current loyalty program liability 41,509 38,447 Current maturities of long-term debt and finance lease obligations, net of related costs 420,882 439,937 TOTAL CURRENT LIABILITIES 1,234,559 1,199,564 Long-term debt and finance lease obligations, net of current maturities and related costs 1,767,250 1,819,717 Deferred income taxes 366,631 384,602 Noncurrent operating lease liabilities 66,562 82,410 Noncurrent loyalty program liability 38,934 32,366 Other noncurrent liabilities 14,416 9,448 TOTAL LIABILITIES: $ 3,488,352 $ 3,528,107 SHAREHOLDERS' EQUITY Common stock, par value $ 0.001 26 26 Treasury shares ( 681,774 ) ( 681,932 ) Additional paid in capital 757,475 741,055 Accumulated other comprehensive income, net 4,696 3,991 Retained earnings 1,219,477 1,265,420 TOTAL EQUITY: 1,299,900 $ 1,328,560 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY: $ 4,788,252 $ 4,856,667 The accompanying notes are an integral part of these consolidated financial statements. 3 ALLEGIANT TRAVEL COMPANY CONSOLIDATED STATEMENTS OF INCOME (in thou

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Note 1 — Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Allegiant Travel Company (the "Company") and its majority-owned operating subsidiaries. The Company's investments in unconsolidated affiliates, which are 50 percent or less owned, are accounted for under the equity or cost method, and are insignificant to the consolidated financial statements. All intercompany balances and transactions have been eliminated. These unaudited consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto included in the annual report of the Company on Form 10-K for the year ended December 31, 2023 and filed with the Securities and Exchange Commission. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. The Company has reclassified certain prior period amounts to conform to the current period presentation. Note

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